How To Avoid Cryptocurrency Scams? – Things To Keep In Mind
Cryptocurrency is a type of payment in the form of virtual currency or digital money that can be used to exchange and transact goods and services online. It looks like a coin or a chip in casinos or arcades that we trade for a service or product. Cryptocurrency has a decentralized technology called the blockchain that is almost impossible to counterfeit, thus making it secure for users to transact online. As cryptocurrency became popular, it also became the target of scammers. This article will give you some ideas on how to avoid cryptocurrency scams.
Of Cryptocurrencies And Scams
As on now, there are more than a thousand Cryptocurrencies registered on all forms of online exchanges in the world, but the most popular and highly traded are Bitcoin, Ethereum, Ripple, and XRP. Bitcoin started it all in 2009 and is considered as the “original crypto”. Ethereum is quite different from Bitcoin. As the second most popular digital token in the world, Ethereum goes beyond just being offering a cryptocurrency but a blockchain platform that facilitates the trading of Ether, the cryptocurrency of the Ethereum network. These two serve more than 15-25 million online users in total and is still growing globally in the trading market.
But with the increase in the number of traders, there are risks involved, and one of the serious concerns is also the increase of Cryptocurrency scams. Considering the tampered-free way technology is built to protect it, there are still a lot of scammers who can infiltrate the system and trick people into sending money that gives birth to online theft. You have to knowledgeable on how to avoid cryptocurrency scams.
Avoiding Cryptocurrency Scams
To those who are into this type of online trading, be guarded and attentive to easily spot for signs that could lead to Cryptocurrency scams. Here are ways on how to avoid cryptocurrency scams.
- Fake Websites – There are a surprising number of websites that present their sites as legit companies. Always check for the small icon lock on the URL bar, and if there is no “https” in the address, you have to think twice because these signs might trick you into registering in a fake company and thus losing all your money.
2. Fake Mobile Apps – If scammers can get away with websites, they can also hack into the system of mobile apps. There are already a number of people who were victimized by this illegal activity, so before you download an app, it is best to read the reviews and look at the ratings. Weigh the pros and cons before downloading the app can save you from stress and losing money too.
3. Scammed Emails – Announcements, marketing, and promotional strategies can usually be accessed in emails. Make a checklist of the things that you have to check before signing up for the offer. Even if the content of the email seems legit, do not hesitate to look at the logo and research the brand of the company. If you really are interested, ask a lot of questions to their Support Representatives before closing a deal. Usually, legit companies have 24/7 chat or support programs to easily address and provide a good customer experience; take advantage of it.
4. Beware of Phishing – This is a type of spam that can either be found on emails and even on SMS where scammers who pretend to be coming from reliable companies will try to entice you to get your passwords, bank, and credit card details and gather this information to hack your privacy and steal money from you. Phishing can be in the form of a link that often looks real. When you click on it, it will automatically redirect you to what seems to be a legit looking website, and you will be prompted to key in your password and sensitive login details to get cash from you. Because of this, NEVER click on a link and enter your password no matter how trustworthy the site is. Call the company associated with it and verify their process. Confirm and raise the concern in order for it to be addressed immediately.
5. Hidden Deals on Social Media – Social media platforms are now one of the best avenues for online scams. People spend most of their time browsing on their social media accounts; most, especially Facebook and scammers, see this as an opportunity to increase their fraudulent activities. There are a lot of bogus offers and deals that exist on Facebook alone. Be wary of these offers are very convincing and too good to be true. Investigate further, and if you suspect that it could be a possible scam, do not waste your time, skip it, and do not look back. The best way for it as well as to send a report to Facebook notifying them about these bogus deals. Facebook is very responsive to the reports and takes action on these complaints within a very short period of time. Other social media platforms also have their own response team pertaining to these issues. Tap them as needed.
Cryptocurrency is now a trend as it pairs with the rise of modern technology that paved the way to the growth of the online world. But always put in mind that no matter how beneficial transacting online is, there are things that break its streak of benefits, and these are the things that you should really look out for. Convenience is what we aim for, but there are people who invest their time and effort to abuse its perks and deliberately hurt people along the way. We cannot control the increasing number of scammers, but we can do something about how we deal and behave online that can spare us from a lot of trouble and to just simply enjoy the comfort of what transacting online can give us.
If you feel like engaging in an online exchange using Cryptocurrencies is an investment for you, there is no harm to try, and who knows, it could really work in your favor. At least now you have the knowledge on how to avoid cryptocurrency scams. Use it to your advantage. Scammers will do the trick but always remember the tips. Avoiding them is a total lifesaver.
Find out more about how to avoid cryptocurrency scams here!
UPDATED March 6, 2021
By: Owen Landry
We don’t just pick money from the tree because we have to work to earn it. That’s why we don’t leave it somewhere but keep it secure. This is also the reason why wallets, vaults, and banks are invented.
UPDATED March 3, 2021
By: Lance Richards
The acceptance of cryptocurrencies has gushed the entire financial and technology sector as they offer a decentralized system.